After the succesfull ABC retraction wave we are in a new full elliott wave cycle. Just had bumps 1 and 2 and we are in wave 3 now. If wave 3 ends here we could see some chop as we battle out the remaining longs in the volume profile. This battle would make a inverted head and shoulders pattern that makes the continuation of uptrend possible. Also the Russian...
Just an update on where we are. I added the red Elliott ABC retraction wave to accomodate the new path and left the old purple one to show where we started. This is the first time mapping out a elliott wave so i am expecting to improve the predicting of turnpoints each time. (well maybe not predicting but mapping out historical averages of them) Still its...
After the ABC retraction wave either a classic W when the green line breaks or classic M when it fails. W outbreak exit around the 0.618 line of the recent fib top W outbreak fail exit around 0.618 of the long term fib top Although the W looks good, my money is on a failure as we are coming from a recent peak. Let me know what you would choose!
Maybe point A of the retraction wave is too low and it bounces of the 1279 support to go to point B before dropping to C. If that is the case then I think point C will be near the 0.764 fib level instead of the 0.618 fib level. We will have to see!
Bit behind the fact but started this chart this morning.
Added some historic peak and valley lines. 3_EMA dives under 30_EMA Elliot Wave Analysis - End of : Primary 3 and 5 Cycle 5 SuperCycle 3 and 5 GrandSuperCycle 5 All 3 cycles should make a lower 4 cycle before a slightly higher 5 All 5 cycles should make a ABC retrace that lines up with the bespoke 3 cycle continuation Possible retrace to point C testing...
Added the minor Elliot ABC retraction wave before uptrend continues with new Elliot Wave Also spotted a nice divergence and a classic M Market structure. Just need to get my volume profiles up and running so I can look at the Rejection area's for plotting the waves.
We could be at an end of a Elliot cycle Small retrace to 1250 area then wave 5 hits the 0.382 line.